If you think that you have become a victim of boiler room or share scam, stop making payments to the individuals involved and tell your bank immediately if you have handed over your bank account details.
You should report the incident to:
The Financial Services Authority (FSA)
Via its consumer helpline on 0845 606 1234 or using its online share fraud and boiler room reporting form.
Either through your local police station or to the UK’s national fraud reporting centre Action Fraud on 0300 123 2040.
If you have any concerns regarding your investment with M&G, contact us.
Other related investment scams
Be aware that it is likely that your details will have been shared or sold on to other fraudsters. This can lead to you becoming a target of other types of fraud and you should remain alert.
Recovery room fraud
Fraudsters are now targeting victims of boiler room and share scams pretending to offer assistance. For an upfront fee they will offer to recover the money you have already lost.
The fraudsters will take the upfront payment but you will never receive any recovered funds. They may also ask for your bank account details in order to pay the funds to you, this will actually be so that they can attempt to empty your account.
Recovery rooms may claim to be working on behalf of a government organisation, the FSA, or Police in an attempt to add legitimacy to their claim. However, law enforcement and government agencies will not contact you in this way or charge a fee to recover your funds. If the Police were to be involved in recovering your funds, this would be done through a criminal investigation.
See the FSA’s advice on Recovery room fraud for more information
Advance fee fraud
You may receive a fraudulent request from someone offering to buy shares that you already own, requesting an upfront fee. See our tips on identifying and preventing this and other fraudulent scams.
Find out more
Visit our list of other useful websites for more information on share and boiler room fraud.